Oracle exceeded quarterly earnings expectations and projected robust revenue growth for the next quarter, driven by heightened demand for its cloud services. The company’s shares jumped over 9% in after-hours trading following the announcement.
Oracle reported first-quarter revenue of $13.31 billion, surpassing the analysts’ forecast of $13.23 billion. Earnings per share, excluding special items, reached $1.39, exceeding the anticipated $1.32. The company’s cloud services revenue soared 21% to $5.6 billion, reflecting strong performance in Oracle Cloud Infrastructure.
The Texas-based tech giant’s strategic expansion into cloud computing is narrowing its competitive gap with industry leaders Microsoft and Amazon Web Services. Oracle’s recent partnership with AWS, offering Oracle Autonomous Database and Oracle Exadata Database Service through AWS, along with the launch of Oracle Database@Google Cloud, enhances its multi-cloud capabilities.
Rebecca Wettemann, CEO of Valoir, highlighted that Oracle’s efforts to integrate with major cloud providers like Microsoft Azure, Google Cloud, and AWS are creating new revenue opportunities and simplifying data connectivity for customers.
Oracle’s Remaining Performance Obligations (RPO), a key revenue metric, increased by 53% to $99 billion. For the second quarter, Oracle anticipates revenue growth between 8% and 10%, slightly above the analyst estimate of 8.72%.
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